Home insurance typically provides some degree of coverage for the dwelling (plus attached fixtures and structures), personal property of the occupants, liability and living expense if you need to be relocated during repairs.  Some folks assume that if you have homeowners insurance and disaster strikes your house, the insurance will pay to have your home rebuilt and refurnished.  In actuality, the industry terms within your policy dictate how much you will get paid. The following terms will all offer different payouts:

Replacement cost – coverage that will pay for replacement up to the limits stated in your policy

Guaranteed replacement cost – unlimited coverage to replace as long as you have followed the company’s guidelines

Extended replacement cost – replacement up to the limits stated in your policy plus an extra predetermined percentage

Actual cash value (ACV) – the replacement cost minus depreciation

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What to Ask Your Insurance Agent When Buying a New Home

2021-08-18T21:07:50-04:00August 9th, 2021|Blog, Homeowners Insurance|

Buying a new home can be stressful, and going into the process without knowing how your insurance will change can be even more nerve-racking. According to the Insurance Information Institute, being an informed consumer means not only reading your homeowner's insurance policy closely but also asking experts what constitutes the [...]

Protecting Your Home While Traveling — What Should You Do?

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Summer is winding down, and while coronavirus (COVID-19) has certainly thrown a wrench into most of our summer plans, there’s still time to get out of dodge. From week-long beach vacations to a weekend by the lake, there are plenty of vacation spots still waiting for us to explore -- [...]

Are You Covered? Don’t Be Caught Underinsured!

2021-10-21T15:05:29-04:00June 14th, 2019|Homeowners Insurance, Personal Insurance|

Are you covered? Don’t be caught underinsured! By Melissa Kamp Consider the cost of rebuilding your home to avoid being underinsured in Fairfield and Westchester County. Does your homeowner's policy have sufficient coverage limits to help you recover fully after a loss? Will you avoid incurring serious financial burdens? "Am [...]

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